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Warren B. Mosler Profile picture
@wbmosler
Jan 13, 2021 • 15 tweets • 4 min read • Read on X
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Well stated:
drive.google.com/file/d/1-u2uzH… Image
Image
Image
Taxing Irish houses gave the money value: ImageImage
Image
After the establishment of the Bank of England in 1696 and the use of bank notes: Image
Correction, Bank of England 1694, Bank of Scotland 1695
Image
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From the discussion of restoring convertibility: Image
More on the Money Act of 1819: Image
More on the 1819 money act: Image
Could have been written yesterday about the US... Image
Seems some 200 years ago England's Poor Laws functioned something like today's JG proposals? Image
Image

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More from @wbmosler

Warren B. Mosler Profile picture
Dec 29, 2024
From 'co-pilot' ai: Image
Image
Image
Read 6 tweets
Warren B. Mosler Profile picture
Sep 19, 2024
The Fed's real rate thing is a fixed fx and not floating fx construct, where the nominal rate is market driven as borrowers compete for limited reserves. It's not applicable to (non reserve constrained) floating fx with the cb setting the policy rate.
With fixed fx rates reserves are the object of convertibility and the monetary system is continuously reserve constrained by design. Treasury competes with other borrowers= interest rates are market determined. It's presented operationally here; moslereconomics.com/wp-content/upl…
Fixed fx is where Austrian economics is applicable. Market forces seek an interest rate consistent with available reserves. And that rate is also consistent with full employment if labor markets are allowed to be fully competitive. Hence the New Keynesian concept of sticky wages
Read 5 tweets
Warren B. Mosler Profile picture
Jan 22, 2021
Increasing taxes is NOT to 'remove $ to prevent inflation' as $ can't be spent into the economy w/o prior tax liabilities to create sellers. Increasing $ tax liabilities does function to increase the economy's need to sell goods and services for $ which is a 'deflationary bias.'
Money story: Tax liabilities function to create sellers of goods and services seeking $ in exchange so gov can spend its otherwise worthless currency. So hiking tax liabilities increases the # of $ sought/increases nominal demand for $/increases the need to sell goods/services.
These are not prescriptions, but explanations of how it works, to assist MMT activists.
Read 5 tweets
Warren B. Mosler Profile picture
Jan 25, 2019
@ewarren It doesn't reduce aggregate demand so it doesn't add any fiscal space... :(
@ewarren So it doesn't at all address the real issue- excess consumption by 'the rich' (or anyone else), and, in fact is a useful distraction for 'the rich' that works to delay resolution of this real issue. :(
@ewarren We can gain $trillions per year of fiscal space by eliminating most of the parasitic financial sector by deleting the supportive institutional structure that created it. Not mention how Medicare for all likewise cuts $1 trillion in real costs.
Read 5 tweets
Warren B. Mosler Profile picture
Jan 7, 2019
Responses to 'how are you going to pay for it?': 1. The Tsy instructs the Fed to credit the appropriate account. 2. The $ to buy bonds or pay taxes comes only from the gov and its agents, so gov spends first, and then taxes are paid or bonds paid for.
3. So gov borrowing supports rates, it doesn't fund expenditures. 4. Likewise interest is paid by instructing the Fed to credit the appropriate accounts, and likewise those $ are paid first, and then taxes are paid or bonds are paid for.
The public debt is the $ paid by gov that haven't yet been used to pay taxes and remain outstanding as cash, balances in reserve accounts at the Fed, or balances in securities accounts (tsy secs) at the Fed until used to pay taxes.
Read 7 tweets

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